the lines let's talk about municipal debt because this is one that meredith whitney of course made her claim back in two thousand and ten that two thousand and eleven is when we would see these disastrous state and city. budgets really come to a head and the debt come to a head and see a bunch of defaults now we didn't see those. you said that as the mayans taught us when you make predictions you don't predict what and when which was her pitfall here is what kate long who covers municipal debt she writes about for workers said recently about the reality of the unions will take a listen. so generally it's a strong bright picture but there are these kind of dark spots that are isolated but it doesn't equal what meredith whitney believes was a massive wave of defaults for for the mare for the country ok so then i know you're very bearish in your year of reviews so maybe you want to pick the what or the when and tell me what your what your view is. this one arms some want to take on but i do know that meredith whitney predicted that this year would be a year and the fact that we got to the